Penn National Gaming Lifts Q1 Outlook

(RTTNews) - Penn National Gaming Inc. (PENN) said that it has raised its financial guidance for the 2017 first quarter ending March 31, 2017. Reflecting strong broad-based property performance to date, the Company now expects to report 2017 first quarter net revenue of between $770 million and $771 million and Adjusted EBITDA of between $222 million and $223 million. As a result, Penn National projects Adjusted EBITDA after master lease payments will be $110 million to $111 million for the 2017 first quarter ending March 31, 2017.

Analysts polled by Thomson Reuters expect the company to report revenues of $761.51 million for the first-quarter. Analysts' estimates typically exclude special items.

The company's prior financial guidance for the 2017 first quarter contemplated net revenue of $761.0 million and Adjusted EBITDA of $209.3 million. Penn National's guidance included an assumption for master lease payments of $111.9 million in the first quarter of 2017 which would imply original guidance of Adjusted EBITDA after master lease payments of $97.4 million.

The company said it expects to report its 2017 first quarter results before the market opens on April 27, 2017 and plans to update its 2017 full year financial guidance at that time.